Business
Jaishankar to visit Sri Lanka, may discuss debt crisis
The Hindu:Indian External Affairs Minister S. Jaishankar will travel to Sri Lanka next week, sources told The Hindu. This will be his first trip to the country since President Ranil Wickremesinghe was sworn-in last July after street protests forced out the previous Rajapaksa regime.
Officials said that while a full review of bilateral ties is on the agenda, the visit comes amidst efforts by the Sri Lankan government to get “written financial assurances” from their closest and biggest creditors — India and China — on restructuring their debt. This is needed to make progress on their bailout plan being discussed with the International Monetary Fund (IMF).
Jaishankar’s two-day visit to Colombo, scheduled for January 19-20, will follow a visit by a ministerial delegation of the Communist Party of China (CPC). The visits, coming back-to-back, are crucial for Colombo to avail itself of the $2.9 billion IMF package under its Extended Fund Facility. The Sri Lankan government has said that it hopes to borrow more money once the IMF programme kicks in, to set its economy on a path to recovery following last year’s crushing meltdown. China, Japan, and India are Sri Lanka’s three largest bilateral creditors, and Colombo is counting on their cooperation for economic revival.
On Friday, the Chinese Embassy in Colombo announced that a “high-level delegation of the CPC led by the International Department Vice Minister Chen Zhou will visit Sri Lanka 14-18 January, the first official visit of the CPC to the island in the new year of 2023 and after its 20th National Congress.”
India has been involved closely in assisting Sri Lanka’s economic recovery programme after a near-debt default last year, and has been coordinating with other partners like the US and Japan, both on a bilateral level and at the Quad’s meetings, in order to find ways to help Sri Lanka overcome its financial crisis. However, strategic ties hit a block over the Sri Lankan government’s decision to allow a Chinese satellite tracking vessel into Hambantota port last August, a development that both India and the US formally protested against.
The External Affairs Minister was last in Colombo in March 2022, as India announced an unprecedented $4 billion assistance package to help Sri Lanka at the height of its crisis. He earlier met with the Sri Lankan Foreign Minister Ali Sabry on the sidelines of the ASEAN conference in Cambodia in August, assuring him of India’s commitment to be a “dependable friend and reliable partner” to Sri Lanka.
Jaishankar will also discuss trade and transit ties with Sri Lanka. New Delhi and Colombo are in talks to enhance ferry connectivity, following the restart of Chennai-Jaffna flights last month, for the first time after the COVID-19 pandemic. The Wickremesinghe government has committed to resuming negotiations on the stalled Economic and Technological Cooperation Agreement as well.
His visit comes even as Wickremesinghe is holding talks with Sri Lanka’s Tamil political leadership on a durable political solution. The Tamil parties have expressed concerns over the absence of any tangible action on their demands pertaining to land grabs in the North and East, the release of political prisoners and answers to families of disappeared persons. These are issues that the External Affairs Minister had raised last year, in talks with the then-Rajapaksa administration.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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